Rakuten Group, Inc. (TSE:4755) said on it aimed to raise up to JPY 332 billion ($2.46 billion) by issuing new shares on the market as well as to founder and CEO Hiroshi Mikitani. Shares in the company lost 5.1% on May 16, 2023 ahead of Rakuten's announcement, extending the previous day's sharp slide after Reuters reported the plan, aimed at shoring up its finances after years of losses from its mobile business. Rakuten said in a statement it aimed to raise about JPY 290 billion via a public offering and another JPY 41.8 billion allocated to Mikitani, his asset management firm, CyberAgent Inc. and Tokyu Corp.

Rakuten said it would use the funds for debt repayment and to build base stations. That followed an initial public offering last month of its banking unit, while the company also plans to list its brokerage arm.